The economy is not the result of accident or freak forces of nature. Recession and growth are caused by human activity, not by chance. The economy is the result of every action of every human being interacting together. The Profit Bargaining Ratio Theory explains that interaction in layman's terms, and why the Free Market works best. Learn why many of our coercive policies designed to help the economy are self-defeating, damaging the economy and making the poor poorer.
A tour de force of theoretical reasoning, this book presents the most advanced analytical model of the bargaining process so far conceived. Focused essentially on the dynamics of the bargaining process, Coddington's model employs elements of several conceptual constructs--individual decision-making, theories of expectations and their adjustment, and environment concepts--to explain the nature of consistency in a bargainer's system of expectations and intentions.The book begins with a description of the bargaining process in an economic context and establishes an analytical framework. There follows a critical survey of bargaining theory in which the author selects those concepts, which he finds most valid and most applicable to his decision-making/expectation/adjustment model. The internal consistency of a wide class of bargaining models is then examined in a chapter on the relationship between decision-making and expectations. Since the theory of games has been used as a basis for bargaining process theory, the author devotes a chapter to an examination of the game-theoretic approach and an assessment of its value relative to his own approach.The author concludes with a study of the specific capabilities of his own analytical model, with discussion of the possible combinations of assumptions with which the investigator may work. Although stemming from a problem in economic theory and of immediate intent to economists, the book's contribution to the general theory of conflict process and interdependent decision-making make it an important study for students of politics and international affairs as well as management and labor relations specialists.
Graduate textbook presenting abstract models of bargaining in a unified framework with detailed applications involving economic, political and social situations.
This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1980.
This book brings together the work of scholars who have written for it independent essays in their areas of particular expertise in the general field of income distribution. The first eight chapters provide a review of the major theories of income distribution, while the final two are con cerned with problems of empirical estimates and inferences. One of these chapters presents estimates of factor shares in national income in the United States, the United Kingdom and Canada, while the other ex amines how relationships between the size distribution of income and economic development are being investigated. A convenient way of conveying an understanding of how economic theorists have dealt with the distribution of income is to examine separ ately each major approach to this subject. Each contributor was thus assigned a particular approach, or a major theorist. No attempt was made to avoid the apparent duplication that occurs when the same references are examined by different contributors. The reader gains by seeing how the same material can be treated by those looking at it from different perspectives. A chapter each has been devoted to Marx and Marshall.
Production is a complex system of interdependent activities, necessary to the system as a whole, which itself depends on the continuance of each individual activity that composes it. In such a system, resources must be committed to specific technological purposes long in advance to the ultimate sale of goods to the consumer.The success of such an enterprise system rests on the durability of the instruments it uses. These are so complex, sensitive, and powerful that their huge expense can be recovered only if they can be used for many years. Yet when the decision is made to invest in them, those years of use are in the future and the conditioning circumstances are unobservable and unknown.The firm in Western economies is the essential institutional means of confronting this problem of uncertainty, Expectation, Enterprise and Profit: The Theory of the Firm is concerned with the nature and mode of life of the firm as a means of policy formation in the face of uncertainty.This book offers a concise treatment and excellent analysis of the major concepts studied in a first course in the theory of the firm.
